tv Bloomberg Technology Bloomberg November 29, 2017 5:00pm-6:00pm EST
♪ >> a house committee moves forward on the gop bill to expand gun owner rights. on gunhe first action legislation since the mass shootings in las vegas and texas. it would allow gun owners to carry a handgun in states that allow concealed weapons. security talks today following north korea's most powerful missile launch today. came after new demands by president trump for beijing to get tougher with pyongyang. the pentagon said the talks were scheduled before the surprise launch. nbc news has fired matt lauer over allegations of inappropriate sexual behavior.
said it received a detailed complaint from a colleague. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. "bloomberg technology" is next. ♪ emily: i am emily chang. this is the "bloomberg technology." the u.s. tax overhaul could be to blame for the worst drop in months we will explain the tech tumble. arianna huffington's take on uber's cultural you turn and sexual harassment from
washington to the board room. tech stocks caught in a massive selloff, while the dow hit a new record. shares tumbled more than 1%. abigail doolittle joins us now from new york with more. how common is this kind of diversions we are seeing in the u.s. majors? >> i don't remember something of this degree in quite some time. by .4%, the s&p 500 down fractionally, but also an all-time high. the tech heavy nasdaq finishing down 1.3%, the worst day since august, so to have that degree , not surprisingly the fangs going down. all down more than 2%.
thene point on pace for worst day as a group since 2014. chip stocks also taking a tumble. index than 5%ctor of one point. , andook finished down 4% perhaps the trigger to the was al selloff, there note from morgan stanley earlier ais week talking about specific type of storage for chips. might see the first downdraft since 2016. investors wondering if we are overextended. we have a great way to put this into perspective. this is a 808. 8808.
the stock inches away from its peak. if it loses momentum, perhaps consideringappen that ships are used in everything we need. sense maybe that the economy has not growing as fast as some people seem to think. that would be contrary to everything else we are seeing, but it is a concern. emily: what kind of volatility are we expecting? vix,lative to the s&p 500 we have been hearing about all time lows. 100vix for the nasdaq shooting skyhigh. 3506.s we are looking at a long-term chart of the nasdaq 100 vix relative to the s&p 500 vix and
the tech vix is shooting skyhigh. this was true back in june. today selloff is reminiscent of that. people are talking about different triggers. have lowered taxes. could this be disruptive for them. it is not clear. overextended, be but if you have this kind of , perhaps it leaks into broader markets overall. emily: nokia said to be in talks to buy juniper networks.
bitcoin continues to hold the attention of investors around the world. increased warnings that the .urrency is in an asset bubble the nasdaq plans to introduce bitcoin futures next year. coming up, arianna huffington talks about raising money for a startup, uber's turnaround and the sexual harassment scandals. this is bloomberg. ♪ ♪
♪ uber's losses grew bigger in the third quarter, losing almost $1.5 billion. it is trying to fend off competition globally, but is facing more legal challenges and regulatory scrutiny. member defended the company, saying it conducted a full investigation into the recent hack. thealked about uber and sexual harassment scandals with arianna huffington. we began our discussion on the thrivefunding round at in the next phase for the start up. year spend the first behaviorour ip,
change, for ways, micro steps, and with new funding we can science-based, offerings for corporations and consumers to help them reduce the stress and burnout in their life while improving productivity. the heart is this fact which is science-based that well-being and performance are tied together. they rise and fall together. theycompanies realize that will continue to accelerate their investment in their human capital because that has immediate and viable impact on the bottom line. what do you see in a company like thrive?
for isbig thing we look product fifth and market growth. we look the first europe again the game, in terms of customer adoption -- this was phenomenal. evidence ofook for land -- expand, renew, and refer. they are landing big customers with sizable contracts. there were no windows contracts before they are even due. they're expanding into different departments. the best part we look is, is the customer referring this service over to other people in the industry? people know each other very
well. something --o be this is something difficult, changing behavior. what behavior are you seeing, and how much more work to be doneis a lot of work to be , but we are at the tipping point. there are more and more companies -- basically, this brings together the latest signs, that when we take care of ourselves, we have oxygen masks, we have a lot at work. also, there are new models. they're very successful. -- there areezos
very successful people, like jeff bezos, others who talk about how they prioritize their own well-being. that makes it better. was "why i am getting eight hours of sleep, it is good for shareholders." he broke it down, when he got five hours of sleep, it was not -- his decisions were not as good. he says, my value is not in the number of decisions i make, but in the quality. this permission, if you want, that goes against a lot of our mainstream constructs, which holds up people who are never charged, and ignore the data.
you have been part of a transformation at over and now there is this massive hack attack that the company covered up to rate when did the board learn about that and what is your sense of when the bad news. ? >> when the board learned about it, we did a full investigation and that is when we had the results, darrelle announced it to the public. a ceo very likely to have who is on stoppable and will make bold best for the future. >> uber still facing five
probes. i'm wondering if you are worried about being on the board yourself if there was bad news. do you feel like you were misled no, i thinkk >> lookinginteresting now back at the testimonies this waymo, wed way mel -- are very confident about the facts of the case. know, softbank tender has been launched. we are happy about that. and as a lot of good news the newroof points with include values which
being always on, working smarter , harder and longer. doing the writing is a cultural value so were very excited about all the amazing changes over the last two months. member was uber board arianna huffington. coming up, or shakeups to cable news. the biggest news and sports. can he is tian? this is bloomberg.
>> for the second time this one of theis firing 50 people. they continues to struggle with losing subscribers in a string of social media setbacks. corey, i will start with you. we continue tong cover. it, another slate of bad news. >> we can see the difficulty espn has had. their websites are part of that. fundamentally, a shift away from linear television has been a
problem for espn. >> lucas, what do we know about these particular layoffs? >> most of the people losing their jobs are going to be people know common person has ever heard of. they are people that have worked in operations or technology. one of the interesting things is people that had backgrounds and technology or doing something that espn deems no longer necessary. >> what does it mean for disney? it allowed disney to do another -- a lot of interesting things and fuel a very
successful acquisition sheet. the growth numbers aren't there. if you look at the revenue numbers come off the subscriber growth numbers on the bloomberg, you can see those numbers. they are not dramatic, but it is a change in direction and that change is dramatic. you look at what they have done with certain shows. you look at the great editorial success in their attempts to mimic that. is the cost't see of sports increasing genetically. it is also the role of sports in
our culture. you had everyone listening to the same kind of music. you don't have that anymore. everyone has the same kind of politics and you can't really select your own way. the question is can sports going forwardture as it has in the past? >> how do they plan to attempt to adapt to the landscape question mark >> they are playing a very difficult balancing act because the real money for espn is still in will be for a long time. they get paid several dollars per subscriber. they have billions of dollars in revenue and they can anger their
distributors too much. the streaming service that have theyyear, hopefully -- will not offer some of the biggest games. that is a potential problem because they are trying to grow online services. , coryas shaw in hollywood johnson are editor-at-large trick coming up, we are talking gm taking itself driving clutch of car -- its flagship self-driving car out onto the streets. i got a look. this is bloomberg. is this a phone?
choose by the gig or unlimited. and ask how to get a $200 prepaid card when you buy any new samsung device with xfinity mobile. a new kind of network designed to save you money. click, call or visit today. >> you're watching bloomberg technology. your start with a check of first word news. president trump was in missouri today pitching the gop crafted tax plan. >> if they sent it to my desk, i
promise all the people in this room i will sign it. >> he dismissed claims some democrats that it mostly benefits the rich. negotiatorf brexit hopes he reaches an agreement on a financial settlement the foreign eu summit in the december. he said britain had chosen to -- a spokesman for the u.n. war crimes court confirms that a bosnian general died at a hospital after drinking liquid in a courtroom. despite efforts to save him, judges had just confirmed his 20
year sentence. tel aviv recently barred trips after some applicants reportedly hit in west israel. the trade turnover between china and russia has jumped 20%. he spoke at a meeting in moscow. putin crazed -- praise what he called stable contact between both countries. this is bloomberg. it is just after 5:30 p.m. here in washington. sophie has a look at the markets. good morning. >> following that tech tumble in the u.s., we could see that continue in asia.
for korean investors to that , they will be watching the central bank for an anticipated rate hike. now checking in on the dollar, we are seeing that trend slightly higher while the yen is point, havinghis a wild day. we do have gold trading flat there. of next, more bloomberg technology. -- up next, more bloomberg technology. >> john walters is finally letting its self driving cars
out on the street in san francisco. the aeek, then field fulls tuchel -- autonomous -- whole -- >> the name of our car is pickle. we will take a drive today. >> pickle is here. we covered 2.4 miles. definitely a little jerky. you could sense the car trying to figure out what people were going to do.
two.en for around i think it will get better next time. that, -- take a listen. >> our objective is to deploy these cars in public environments. that is why we are demonstrating here in san francisco. we wanted to employ with scale and a high level of safety. this would be moving at a fast rate of development to give people an opportunity to experience the car's today in this complex environment. we are moving quickly and heading towards commercial deployment. we are really excited about the rate of progress. >> my right experience was
fascinating. definitely some stopping and starting. there were a couple of times where i tried to merge, but then there was a car there. there.ld see the car how long will it take to smooth over those kinds of issues question mark -- those kinds of issues? >> the car is relatively cautious him about again that is all about safety. we are moving really quickly in terms of performance improvement. some number of months from now, people can get a read on where we are and see the rate change. >> how do you decide that this car would make the same decision as a human driver would question mark >> we want to make sure we
can deliver that overtime. >> there are still pedals and a steering wheel . how far away are you from a car without pedals? as soon as we get to that level, we will be able to pull the driver out of the car and that will fortis an opportunity to rethink what the car might look like. close to being -- areble question mark they close to being affordable? we will be able to offer rides that are cheaper than human rights. >> what is the strategy to bring it to market #>> first this to
get to the level of performance and then the logical first mode aing into a shared network so rideshare type. >> you partnered with list -- lyft in an agreement with hoover -- uber. whose side are you on? >> our goal is to get this deployed with the right level of safety. partner and wene could have potentially no partners at all. how do you work through those scenarios? >> i say all options remain open. >> we see the iteration of various cars here. looking towards the neck -- next iteration, how do you make it
look more like just another car on the road. -- you see three generations of car here. we are working on a fourth generation now. we are going to continue those iterations as we get closer to a commercial launch. >> how critical is the lidar technology question mark >> right now, we think it is an important part of the equation. costsnk we can reduce the by almost 99% from where we are today to where we are in the relatively future to get the performance and reliability up. but that combination, we will have a really -- >> one of the most rewarding parts was being able to see the
cars on the road and people on the road and the objects moving across the screen. >> the car is evaluating everything around it and making predictions as to what the characters will do. what you saw was a representation of the car. it is all internally developed. cruise, iscomes to cruise doing all of it in-house and if so, how does it for free and she eight >> we are making sure we control all of the pieces of the system. we are doing a lot of our own mapping. and a lot of work on the hardware side. by controlling all the pieces, it enables us to move more
quickly. >> can you give us an update on the sales? month last record month. >> a yield -- the year from now, i think we will be in an interesting position. being able to see the rate of progress so it has been really exciting over the last 18 months to where we are today. clear line of sight getting to where we can launch this commercially.
the airline says the problem should be corrected in time to prevent disruptions. the union representing the pilots has filed a grievance saying the proposed solutions -- snap is redesigning its photo sharing app to attract more users and advertisers. the company says they design will encourage people to spend more design on snapchat. now, former tech sarah friar. >> the company is coming out after what they see is misunderstanding by how the app works.
your friends, they share it in rising to the top. you see the content from what you have seen before. say is something they won't what causes you to go through. theyisappointing revenue give hope for in the future. attract more users and advertisers question mark >> i'm not sure. but we have is the biggest challenge that now you don't have friends directing people to the media content.
snap really needs to prove that quality means more than popularity in terms of what users want. it could turn out to be something amazing or something like twitter. it could be good or awful. said it blurs the lines between professionals and friends. -- it is a good point. >> it is an obvious plan on facebook.
facebook has been constantly copying the features and you guys have been doing it wrong. contenthow users want to be displayed. it might in fact be what they want, but whether it helps snap revenue getting that and user growth that is going to take them into the future. >> thanks so much. withg up, our sitdown founding partner about the companies startups. the marcio will sit down --
>> one of the largest private equity firms in the world has investments in a wide trains of -- range of sectors. coulter to with jim ask how he sees the trajectory of those two companies playing out. try to do is choose specific companies that have places in their industry that are special. is they arets me now beginning to focus on
experiences. if you think about traveling to a hotel, you just don't want the room, you're the concierge and exposure around the city. i'm really interested in how eats anduilding uber airbnb is building its connection to expenses. uber gave up in china, airbnb is pushing forward. >> i would not use the word surrender. partnerships and alliances are actually smart. at thene tries to expand rate these companies are, funny partnerships is smart. putting morere money to work in content and entertainment than almost anyone.
what is giving you the confidence to do that? thes changing one of largest consumer industries out there and we don't know where it would end. game of thrones would have been almost unimaginable if years ago and now we have a move from that comment to short form so the idea of content and content shifting is one of the most interesting things happening. >> are we in a tv bubble? >> we are certainly increasing the number of scripted shows very rapidly and like most ships there will be moments where the pendulum will swing back-and-forth so for me, unvested test fascinated by the concept of binge watching.
it will be how people watch in evolves,e and as that i think you will see the dollars being spent on tv becoming some of the dominant dollars on content. >> you are also an investor in spotify. what makes you think spotify can take on apple in the long run? >> i think it has shown very rapid growth. one of the most interesting things about spotify is his physician has a data company. i think it will be one of the winners. i think we believe there will be one winner in a lot of industries, but generally spotify will be one of the winners in the music business going forward. toyou brought in an outsider
that is a tricky proposition. how heavy slid up responsibilities? >> in the old days we were a simple business and we had to invest well. now we have to invest to the highest standards and manage as skills of investing take aging certainly broad set of effort and personalities. for a long manager time. it was really bringing the rest of those two together. >> you guys will start raising funds next year. we heard the cap is as high as $13 billion. can you share anything about your plans? >> our goal is to have enough capital, but not too much.
>> your competitors are publicly traded. you think tpg will still go public one day and if so, when? >> it is unclear to me. i've had this question for 10 years. >> but there were plans to go public? >> those plans were shelved in the reason is because we will only do it if we need to do it and it has become clear that those that have become public are not as fleas with being as public as they might have anticipated. there's now capital development in the private market so why go public if you have to and don't want to question mark >> that was tpg founding partner and co-ceo jim coulter. be sure to check out the full episode at 9:30 eastern.
♪ >> asia-pacific markets face a muted start after data from beijing and a rate decision and korea. making whatlen could be her final address on capitol hill. >> australia calls a royal commission into the finance industry, saying it is vital to rebuild public trust. >> president trump has discussed a range of new sanctions with china on north korea. ♪ >>